nickel up 4 per cent mcr down, page-7

You can build china's cities with iron and cement, don't need nickel.

Need nickel to build much of the industry though.

LT I like nickel, short term don't know, my crystal ball is short sighted.

I've reduced my MCR, not so much with a view that it will fall further, more that we may be in another long sideways spell like 04/early 06.

Quite a bit going for MCR (exploration/resource growth,production growth,improving grades), but it will suffer one of the worst from margin squeeze.

EL